Sights

A Bolivian consortium, which set its sights on moving liquefied natural gas (LNG) to the U.S. West Coast under a plan announced in July, moved its plan one step closer to reality this week after officials approved a tentative agreement giving Bolivia the right to move LNG through Mexico for transport to the United States. If approved as expected later this year, Mexico would allow the consortium to transport natural gas through pipelines into Mexico, and then to process the LNG at Mexican plants before it is exported to the United States.

With natural gas as its standard bearer and its sights set on the energy-starved East Coast, KeySpan Corp. announced it is now 8% ahead of its 2001 goal to add $60 million to its gross profit margin through gas conversions on Long Island and the Boston area, and is on target to reach about 90% of the home heating market in the Long Island region within the next few years. The company is now involved in four pipeline projects, and has set a goal to deliver almost 1 Bcf/d to the eastern suburbs of New York City.

With natural gas as its standard bearer and its sights set on the energy-starved East Coast, KeySpan Corp. announced it is now 8% ahead of its 2001 goal to add $60 million to its gross profit margin through gas conversions on Long Island and the Boston area, and is on target to reach about 90% of the home heating market in the Long Island region within the next few years. The company is now involved in four pipeline projects, and has set a goal to deliver almost 1 Bcf/d to the eastern suburbs of New York City.

After failing to move through Monday’s $3.40 high, natural gas futures checked lower yesterday, as traders liquidated longs amid waning tropical storm concerns and ahead of potentially bearish storage data to be released today. Although modest advances were seen in the afternoon, losses sustained earlier in the day were more sizeable, leaving September with a 5.7-cent decline to finish at $3.296.

Although a lot of leg work still remains to be done, PetroleosMexicanos, the national oil company of Mexico, plans to drill fivedeepwater wells in the deepwater Gulf of Mexico in the next sevento 10 years, according to a petroleum engineer for PemexExploration & Production.

As the dot.com stocks begin to lose a “little bit of theirluster,” Wall Street investors quickly are setting their sights oncompanies that are involved in the production of fuel-celltechnology for the energy market, as well as the individualutilities that are “embracing” the new technology, a Wall Streetanalyst says.

Westcoast Energy, Cascade Natural Gas Corp. and Puget SoundEnergy (PSE) announced last week that they have teamed together toexplore the feasibility of building a new pipeline to serveconsumers in northwestern Washington. Westcoast is leading theproject evaluation and development for the three companies andwould be the lead developer as the project moves forward.

Westcoast Energy, Cascade Natural Gas Corp. and Puget SoundEnergy (PSE) may build the Orca Natural Gas Pipeline (ONGP) toserve Northwest Washington consumers. Westcoast is leading theproject evaluation and development for the three companies.

Texaco stock closed up a healthy 5 1/16 Friday amid rumors thecompany is a takeover target in the sights of Chevron. Texacoclosed at 67 ¬ on the New York Stock Exchange on volume more thantwice the average. The stock’s 52-week range is 44 9/16 to 65 7/8.Chevron shares closed down 2 15/16 at 94 7/8. The stock’s 52-weekrange is 73 to 104 15/16. A Texaco spokesman could not be reachedat press time, and Chevron declined to comment on the takeoverrumor.